1. A car dealer advertises the sale of a car model for a cash price of P300,000. If purchased on installment, the regular down payment is 20% and balance payable in 24 equal quarterly installments at an interest rate of 1.5% per month. How much will be required on the quarterly payments?

2. You borrowed money from a friend worth P 42,000 to be paid 6 months, your initial discussion was to have it at an interest rate of 4% per month. What is the ER of your borrowed amount?

3.Below are the effective rate of interest with its compounding periods in a year, which of the following has the highest nominal rate?

1. 1.00%, compounded semi-annually
2. 21.00%, compounded annually
3. 19.25%, compounded quarterly
4. 20.92%, compounded daily